Semi-Annual Report as at 31 March 2021
AXA INVESTPLUS The («SICAV») L.B.R. Luxembourg B - 26.830
AXA Funds Management S.A. R.C.S. Luxembourg B-32.223
AXA INVESTPLUS (The “SICAV”)
Société d'Investissement à Capital Variable Unaudited Semi-Annual Report as at 31 March 2021
AXA INVESTPLUS
Unaudited Semi-Annual Report as at 31 March 2021
No subscription can be received on the sole basis of the present report. Subscriptions are only valid if made on the sole basis of the current Full Prospectus supplemented by the application form, the Key Investor Information Documents ("KIID"), the latest annual report and the latest semi-annual report if published hereafter.
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Table of contents
General Information 6
Information to Shareholders 8
Directors' Report 9
Financial Statements
Statement of Net Assets 12
Statement of Operations and Changes in Net Assets 14
Statistics 16
AXA INVESTPLUS - EQUITY CORE ° Schedule of Investments and Other Net Assets 18 ° Classification 19
AXA INVESTPLUS - EQUITY SATELLITE ° Schedule of Investments and Other Net Assets 20 ° Classification 21
AXA INVESTPLUS - BONDS CORE ° Schedule of Investments and Other Net Assets 22 ° Classification 23
AXA INVESTPLUS - BONDS SATELLITE ° Schedule of Investments and Other Net Assets 24 ° Classification 25
AXA INVESTPLUS - ALTERNATIVE DEFENSIVE ° Schedule of Investments and Other Net Assets 26 ° Classification 27
Notes to the Financial Statements 28
Additional Appendix 35
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General Information
Registered Office of the SICAV 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Board of Directors Chairman Mr Robert Bosmans, Chief Commercial Officer, ARCHITAS S.A., residing in Belgium
Members Mr Jean Bertin, Chief Operating Officer, ARCHITAS S.A., residing in Belgium (resigned on 15 April 2021)
Mrs Nia lngman, Senior Product Manager, Architas Multi-Manager Limited, residing in United Kingdom
Mr Mark Summerbell, Head of Funds, Architas Multi-Manager Limited, residing in United Kingdom (resigned on 30 April 2021)
Mr Rémi Lambert, Deputy Chief Executive Officer and Chief Investment Officer, ARCHITAS FRANCE, residing in France
Mr Koen Pierreux, Head of Portfolio Management, ARCHITAS S.A., residing in Belgium
Management Company (qualifying as an Alternative Investment Fund Manager (“AIFM”)) AXA Funds Management S.A., 49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Board of Directors of the Management Company Chairman Mr Jean-Louis Laforge, Research Technical Director and Deputy Chief Executive Officer, AXA Investment Managers Paris, residing in France (resigned on 16 June 2020)
Mr Godefroy de Colombe, Global Chief Operating Officer, AXA Investment Managers Paris, residing in France (appointed on 28 April 2020 and approved by the CSSF on 16 June 2020)
Members Mrs Beatriz Barros de Lis Tubbe, Head of Client Group for Spain of AXA Investment Managers, residing in Spain (appointed on 9 November 2020 and approved by the CSSF on 22 December 2020)
Mr Laurent Jaumotte, Chief Financial Officer, AXA CZ and SK entities, residing in Czech Republic (resigned on 15 October 2020)
Mr Fabien Lequeue, Country Head, General Manager, AXA Funds Management S.A., residing in Belgium
Mr Jean-Louis Laforge, Research Technical Director and Deputy Chief Executive Officer, AXA Investment Managers Paris, residing in France
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General Information
Portfolio Manager ARCHITAS S.A., 36 Boulevard du Souverain, B-1170 Brussels, Belgium
Sub-delegated Portfolio Manager Architas Multi-Manager Europe Limited, 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
Depositary, Transfer Agent, Domiciliary, Administrative and Principal Paying Agent BNP Paribas Securities Services S.C.A., Luxembourg Branch, 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Auditor Deloitte Audit, Société à responsabilité limitée, 20 Boulevard de Kockelscheuer, L-1821 Luxembourg, Grand Duchy of Luxembourg
Legal Adviser Elvinger Hoss Prussen, 2 Place Winston Churchill, L-1340 Luxembourg, Grand Duchy of Luxembourg
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Information to Shareholders
The Full Prospectus, the Articles of Association, as well as any other information published are available at the registered office of the SICAV and the Alternative Investment Fund Manager ("AIFM").
The annual reports including audited financial statements and the unaudited semi-annual reports can be obtained at the registered office of the SICAV, the Depositary and the Paying Agent.
The Net Asset Value is determined on a daily basis. The financial year of the SICAV ends on 30 September of each year.
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Directors' Report
Dear Shareholders,
Your Board of Directors is pleased to report on the progress of your SICAV for the period from 1 October 2020 to 31 March 2021.
The Financial markets in 2021
Market Review Over the six months, the key catalyst to the global economy was the continued monetary policy support, an uptick in vaccine supply and distribution, and ample corporate and consumer cash waiting to be deployed. A conclusive outcome to November’s US elections, the announcement and approval of multiple, highly efficacious coronavirus vaccines, along with last-minute Brexit withdrawal and US stimulus deals, all contributed to investors’ increased risk appetite.
The US raced ahead in terms of fiscal support and, as a result, is likely to be the fastest-growing developed economy in 2021 with the approved $1.9 trillion American Rescue Plan set to supercharge the US recovery as Covid-19 restrictions are lifted. However, the massive scale of stimulus in the US and globally caused considerable nervousness over inflation. This ultimately hit fixed income returns in what was a brutal quarter for global government bonds while riskier assets such as equities provided strong returns supported by better than anticipated EPS growth.
Equity markets In the six months to 31 March 2021, global equity markets demonstrated strong broad-based market performance returning 19.7 % (MSCI ACWI GR LCL). This was predominantly due to vaccine breakthroughs fostering hopes of a return to economic normality and the encouraging prospects of a less disruptive trade policy by the incoming Biden administration. For equity markets, the vaccine announcement in November led to a style rotation, with previously hard-hit ‘value’ sectors rallying and the pandemic ‘growth’ sector winners down.
On a regional level, European equities had the strongest returns, rising 23.7% (MSCI Europe GR EUR). This was due to news of effective vaccines with sectors that had previously suffered most severely from the pandemic, such as energy and financials the top gainers. Emerging market equities generated strong returns, up 20.7% (MSCI EM GR LCL). Japanese equities rallied in the period, driven from early November by vaccine-related news and the US presidential election result up 20.2% (TOPIX PR JPY). And US equities also reported double digit gains returning 19.1% (S&P 500 TR USD).
Bond markets Bond markets produced mixed results over the period. Overall, the asset class decreased 0.3% during the six month period. In Q4 2020 returns were positive up 4.2% driven by good performance in corporate bonds as they benefited from stronger risk appetite and were supported by bond-buying programmes from central banks. But these gains were wiped out in Q1 2021 as fixed income struggled with yields rising markedly (meaning prices fell) and improving economic growth prospects caused the dormant expectations for inflation to reemerge. This led to losses across interest-rate-sensitive sectors of the market despite the Federal Reserve committing to easy-money policies.
Riskier bonds provided the biggest gains, with high yield bonds returning 7.2% (ICE BofA Global High Yield TR LOC Index) amid healthy risk appetite and rising growth expectations. Corporate bonds provided modest returns, up 0.7% (BBgBar Global Credit TR USD) over the period. These outperformed government bonds, which were down over the period (JPM GBI Broad TR LCL Index) and fell 3.3% as government debt markets had their worst run since the 2013 ‘taper tantrum’.
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Directors' Report
Investment Manager’s Report – Performance Commentary for 6 months ending 31 March 2021
AXA INVESTPLUS - EQUITY CORE SUB-FUND During the period under review, the net performance of this sub-fund was +18.08%, behind its benchmark (45% MSCI World EUR HEDGED + 20% MSCI World EUR + 25% MSCI EMU + 10% MSCI EM), which accounted for +20.27% over the period.
In what was another very strong period for equity markets, we began to see market leadership change somewhat with value and cyclical stocks beginning to outperform quality and growth stocks. This rotation impacted performance throughout some of the period, where the fund had a bias to growth and quality funds; the bias was reduced and removed within the period. In addition, a higher cash allocation, weighed on fund performance in what was an exceptionally strong period for equity markets.
Manager selection was strong during the review period. Key alpha contributors were TT Emerging Markets, Selection US, Robeco BP US Premium Equities and Invesco Euro Equity. The main detractors were growth biased holdings such as BGF Continental European Flex, AXAWF Europe Small Cap and Eleva Europe Selection.
AXA INVESTPLUS - EQUITY SATELLITE SUB-FUND During the period under review, the net performance of this sub-fund was +17.61%, lower than its benchmark (45% MSCI World EUR HEDGED + 20% MSCI World EUR + 25% MSCI EMU + 10% MSCI EM), which amounted to +20.27% over the period.
In what was another very strong period for equity markets, we began to see market leadership change somewhat with value and cyclical stocks beginning to outperform quality and growth stocks. This rotation impacted perfor- mance throughout some of the period, where the fund a had a bias to growth and quality funds; the bias was reduced and removed within the period. In addition, a higher cash allocation, weighed on fund performance in what was an exceptionally strong period for equity markets.
Manager selection was strong during the review period. Key alpha contributors were BGF Emerging Markets, Ossiam Shiller CAPE US Sector Value, and Comgest Europe Growth. The main detractors were growth biased holdings such as Sands Capital Emerging Markets, BGF Continental European Flex, and Morgan Stanley Global Brands.
AXA INVESTPLUS - BONDS CORE SUB-FUND During the period under review, the net performance of this sub-fund was -1.03%, higher than its benchmark (50% Barclays Global Aggregate EUR HEDGED + 40% Barclays Global Aggregate EUR + 10% Barclays Euro Credit EUR) which accounted for -1.19% over the period.
The fund outperformed its benchmark by +0.16%. Asset allocation was a positive contributor with the fund having an over-weight to cash and European corporate bonds. Manager selection was also a positive contributor during the period.
Key alpha contributors over the period were BlueBay, PIMCO Global Bond, Robeco and AXA Global Credit while key alpha detractors were PGIM Global Total Return Bond.
AXA INVESTPLUS - BONDS SATELLITE SUB-FUND During the period under review, the net performance of this sub-fund was +5.88%, lower than its benchmark (33.33% + 33.33% Thomson Reuters Global Convertibles EUR HEDGED + 16.67% JPM USD EMBI EUR Index HEDGED + 16.67% JPM GBI EM Global Diversified EUR HEDGED) which accounted for +8.79% on the period.
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Directors' Report
Investment Manager’s Report – Performance Commentary for 6 months ending 31 March 2021 (continued)
AXA INVESTPLUS - BONDS SATELLITE SUB-FUND (continued) The fund underperformed its benchmark by 2.91% during the period. The 6 month period was a positive period for the riskier spectrum of fixed income with convertibles, high yield and emerging debt all producing positive returns The fund has an overweight to hard currency emerging debt relative to the prospectus benchmark which was a detractor during the period.
Key alpha contributors over the period were Barings Global High Yield while a key alpha detractor was Barings Local EMD and Lazard Global Convertibles.
AXA INVESTPLUS - ALTERNATIVE DEFENSIVE SUB-FUND During the period under review, the net performance of this sub-fund was +5.23%, higher than its benchmark index (100% EONIA TR EUR) which accounted for -0.24% over the period.
Performance over the period was driven by positive risk sentiment to do with vaccine efficiency and reopening of economies. All risk bucks, Real Asset, Ucit Alternatives, Long Term Growth and Fixed Income contributed positively over the period with the top 5 performing funds coming from three of those buckets contributing 4.5% alone.
Key alpha contributors over the period were Baillie Gifford Long Term Growth, First State Global Listed Infrastructure, PIMCO GIS Commodity Real Return, KLS Arete Macro and LM Clear Bridge Infrastructure Value. There were some negative performers over the period, namely iShares Physical Gold ETC and HSBC GIF Multi- Asset Style, however, with HSBC in particular, negative performance was on the back of a strong previous 15 months.
Please note that the latest version of the Prospectus is dated February 2021.
The Board of Directors of the SICAV Luxembourg, 25 June 2021
Note: The figures stated in this report are historical and not necessarily indicative of future performance.
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Statement of Net Assets as at 31 March 2021
Combined AXA INVESTPLUS AXA INVESTPLUS EQUITY CORE EQUITY SATELLITE
EUR EUR EUR
ASSETS Investment portfolio at cost (note 2c) 1,129,741,446 365,731,413 163,895,372 Unrealised appreciation/(depreciation) on investments 184,999,953 98,948,441 37,587,292 Investment portfolio at market value (note 2b) 1,314,741,399 464,679,854 201,482,664
Cash at Bank (note 2b) 8,992,663 3,916,359 1,827,435 Receivables resulting from subscriptions 1,895,205 757,015 328,895 Total assets 1,325,629,267 469,353,228 203,638,994
LIABILITIES Bank overdraft (note 2b) 699 208 - Payables resulting from redemptions 967,131 402,294 169,265 Interest payable 14,285 3,556 2,327 Accrued expenses 5,291,288 2,074,586 931,999 Total liabilities 6,273,403 2,480,644 1,103,591
NET ASSET VALUE 1,319,355,864 466,872,584 202,535,403
The accompanying notes form an integral part of these financial statements. 12 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS
Statement of Net Assets as at 31 March 2021
AXA INVESTPLUS AXA INVESTPLUS AXA INVESTPLUS BONDS CORE BONDS SATELLITE ALTERNATIVE DEFENSIVE
EUR EUR EUR
ASSETS Investment portfolio at cost (note 2c) 287,530,556 190,593,679 121,990,426 Unrealised appreciation/(depreciation) on investments 16,393,556 19,655,314 12,415,350 Investment portfolio at market value (note 2b) 303,924,112 210,248,993 134,405,776
Cash at Bank (note 2b) 351,572 240,694 2,656,603 Receivables resulting from subscriptions 367,025 251,947 190,323 Total assets 304,642,709 210,741,634 137,252,702
LIABILITIES Bank overdraft (note 2b) - - 491 Payables resulting from redemptions 181,738 131,919 81,915 Interest payable 2,117 560 5,725 Accrued expenses 1,014,112 765,650 504,941 Total liabilities 1,197,967 898,129 593,072
NET ASSET VALUE 303,444,742 209,843,505 136,659,630
The accompanying notes form an integral part of these financial statements. SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 13 AXA INVESTPLUS
Statement of Operations and Changes in Net Assets for the period ended 31 March 2021
Combined AXA INVESTPLUS AXA INVESTPLUS EQUITY CORE EQUITY SATELLITE
EUR EUR EUR
NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 1,223,938,224 397,739,742 172,963,862
INCOME Dividends (note 2e) 262,820 928 464 Interest on bank accounts 714 - 700 Other income (note 6) 67,136 - 47,494 Total income 330,670 928 48,658
EXPENSES Interest on bank accounts* 29,061 9,290 6,016 Accounting fees 125,103 33,051 27,242 Depositary fees 195,489 59,323 35,269 Legal fees 213 69 30 Management fees (notes 4, 10) 9,331,946 3,627,401 1,642,459 Professional fees 8,357 2,323 1,098 Audit fees 44,498 11,438 5,162 Publication and printing fees 8,970 2,195 1,637 Transfer agent fees 20,940 4,629 4,370 Subscription tax (note 5) 188,922 66,825 22,666 Other expenses 112,621 20,210 14,930 Total expenses 10,066,120 3,836,754 1,760,879
NET LOSS FROM INVESTMENTS FOR THE PERIOD (9,735,450) (3,835,826) (1,712,221)
Net realised gain - on sales of investments (notes 2d, 8) 28,613,346 8,701,711 7,701,427 - on foreign exchange 22,639 - 25,658
Net realised gain/(loss) for the period 28,635,985 8,701,711 7,727,085
Net change in unrealised appreciation/(depreciation) - on investments (note 9) 97,998,915 66,190,969 24,087,910
Net change in net assets for the period resulting from operations 116,899,450 71,056,854 30,102,774 Net proceeds from subscriptions/redemptions (21,481,810) (1,924,012) (531,233)
NET ASSET VALUE AT THE END OF THE PERIOD 1,319,355,864 466,872,584 202,535,403 *The amounts included under interest on bank accounts are comprised of negative interests on bank overdrafts on certain currencies such as EUR.
The accompanying notes form an integral part of these financial statements. 14 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS
Statement of Operations and Changes in Net Assets for the period ended 31 March 2021
AXA INVESTPLUS AXA INVESTPLUS AXA INVESTPLUS BONDS CORE BONDS SATELLITE ALTERNATIVE DEFENSIVE
EUR EUR EUR
NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 315,857,552 205,045,539 132,331,529
INCOME Dividends (note 2e) 4,162 39,653 217,613 Interest on bank accounts - - 14 Other income (note 6) - - 19,642 Total income 4,162 39,653 237,269
EXPENSES Interest on bank accounts* 2,995 1,416 9,344 Accounting fees 24,919 18,653 21,238 Depositary fees 46,016 29,554 25,327 Legal fees 55 36 23 Management fees (notes 4, 10) 1,897,976 1,316,472 847,638 Professional fees 2,017 1,213 1,706 Audit fees 11,402 11,352 5,144 Publication and printing fees 1,927 1,701 1,510 Transfer agent fees 3,969 3,999 3,973 Subscription tax (note 5) 38,006 39,587 21,838 Other expenses 30,679 23,913 22,889 Total expenses 2,059,961 1,447,896 960,630
NET LOSS FROM INVESTMENTS FOR THE PERIOD (2,055,799) (1,408,243) (723,361)
Net realised gain - on sales of investments (notes 2d, 8) 6,302,254 1,809,134 4,098,820 - on foreign exchange - 128 (3,147)
Net realised gain/(loss) for the period 6,302,254 1,809,262 4,095,673
Net change in unrealised appreciation/(depreciation) - on investments (note 9) (7,315,801) 11,590,064 3,445,773
Net change in net assets for the period resulting from operations (3,069,346) 11,991,083 6,818,085 Net proceeds from subscriptions/redemptions (9,343,464) (7,193,117) (2,489,984)
NET ASSET VALUE AT THE END OF THE PERIOD 303,444,742 209,843,505 136,659,630 *The amounts included under interest on bank accounts are comprised of negative interests on bank overdrafts on certain curre ncies such as EUR.
The accompanying notes form an integral part of these financial statements. SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 15 AXA INVESTPLUS
Statistics - Total Net Assets
Currency Total Net Assets Total Net Assets Total Net Assets as at as at as at 31 March 2021 30 September 2020 30 September 2019 AXA INVESTPLUS - EQUITY CORE EUR 466,872,584 397,739,742 371,760,982 AXA INVESTPLUS - EQUITY SATELLITE EUR 202,535,403 172,963,862 160,690,042 AXA INVESTPLUS - BONDS CORE EUR 303,444,742 315,857,552 331,827,752 AXA INVESTPLUS - BONDS SATELLITE EUR 209,843,505 205,045,539 215,292,594 AXA INVESTPLUS - ALTERNATIVE DEFENSIVE EUR 136,659,630 132,331,529 129,387,356
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Statistics - Quantity of Shares and Net Asset Value per Share
Quantity of shares Net Asset Value Net Asset Value Net Asset Value as at per Share in class per Share in class per Share in class 31 March 2021 currency as at currency as at currency as at 31 March 2021 30 September 2020 30 September 2019 AXA INVESTPLUS - EQUITY CORE A Capitalisation EUR 3,727,473.000 119.48 101.19 99.35 A Distribution EUR 100,192.008 191.83 162.46 159.51 E Capitalisation EUR 16,845.000 124.11 104.87 102.50 C Capitalisation EUR 1,564.000 123.88 104.58 102.01 AXA INVESTPLUS - EQUITY SATELLITE A Capitalisation EUR 1,633,684.000 118.33 100.62 100.93 A Distribution EUR 50,356.000 163.36 138.90 139.34 E Capitalisation EUR 7,581.000 119.82 101.66 101.52 C Capitalisation EUR 663.000 120.92 102.48 102.13 AXA INVESTPLUS - BONDS CORE A Distribution EUR 2,521,697.000 119.79 121.04 121.95 E Distribution EUR 12,097.000 103.50 104.34 104.65 C Capitalisation EUR 1,105.000 102.69 103.43 102.20 AXA INVESTPLUS - BONDS SATELLITE A Distribution EUR 1,687,543.000 123.79 116.92 117.95 E Distribution EUR 8,416.000 102.74 96.82 97.24 C Capitalisation EUR 758.000 105.21 99.04 99.26 AXA INVESTPLUS - ALTERNATIVE DEFENSIVE A Distribution EUR 1,310,538.000 103.77 98.61 93.40 E Distribution EUR 5,853.000 105.19 99.75 94.06 C Capitalisation EUR 485.000 111.67 105.78 99.55
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Schedule of Investments and Other Net Assets as at 31 March 2021 (in EUR)
Description Quantity/ Market % of Description Quantity/ Market % of Nominal Value* net Nominal Value* net Value assets Value assets
OPEN-ENDED INVESTMENT FUNDS EUR Open-Ended Investment Funds (continued) Schroder International EUR Open-Ended Investment Funds Selection Fund - EURO Architas Multi-Manager Global Equity C 5,654 285,187 0.06 Funds Unit Trust Selection TT International Emerging European Equity Z Markets Equity Fund Plc C2 Capitalisation EUR 406,444 47,249,138 10.12 Capitalisation EUR 2,139,594 30,576,938 6.55 Architas Multi-Manager Global Vanguard Eurozone Stock Funds Unit Trust Selection US Index Fund Institutional Plus Equity Z EUR 370,999 54,162,192 11.60 EUR Acc 211,677 33,296,051 7.13 AXA IM Euro Liquidity Vanguard Japan Stock Index Capitalisation EUR 318 14,147,812 3.03 Fund Institutional Plus AXA Rosenberg Equity Alpha EUR Acc 45,216 8,817,522 1.89 Trust - US Enhanced Index 425,374,953 91.11 Equity Alpha Fund A EUR 1,545,417 41,633,534 8.92 AXA World Funds - Framlington USD Open-Ended Investment Funds Europe Small Cap I Capitalisation EUR 30,573 10,615,251 2.27 Fidelity Funds - Asia Pacific Opportunities Fund REST I Baillie Gifford Worldwide Fds Acc USD 1,210,879 16,644,101 3.57 Plc Japanese B Cap Eur 967,138 16,176,157 3.46 iShares MSCI AC Far East ex- BlackRock Continent Europe Japan UCITS ETF USD (Dist) 6,129 376,494 0.08 Inc Fund A Capitalisation 2,473,933 6,901,443 1.48 Vontobel Fund - mtx Eleva UCITS Fund Euroland Sustainable Emerging Markets Selection I2 EUR Leaders G USD 213,687 22,284,306 4.77 Capitalisation 33,721 43,904,405 9.40 39,304,901 8.42 Fidelity Funds - World Fund I- Acc-EUR 1,135,548 19,690,402 4.22 TOTAL OPEN-ENDED INVESTMENT FUNDS 464,679,854 99.53 Invesco Funds SICAV - Invesco Euro Equity Fund A Total Investment in Securities 464,679,854 99.53 Accumulation EUR 53,141 7,341,961 1.57 iShares Edge S&P 500 Cash and cash equivalent 3,916,359 0.84 Minimum Volatility UCITS ETF Other Net Liabilities (1,723,629) (0.37) EUR (Acc) 60,696 456,616 0.10 iShares Edge S&P 500 TOTAL NET ASSETS 466,872,584 100.00
Minimum Volatility UCITS ETF Capitalisation 9,415 563,876 0.12 iShares North America Index Fund (IE) Institutional Acc EUR 432,572 15,534,958 3.33 iShares VI Public Limited Company - Edge MSCI Europe Minimum Volatility UC 131,742 6,344,695 1.36 Man GLG Japan CoreAlpha Equity Class I Capitalisation EUR 2,020 421,354 0.09 Natixis Intl Fds (Lux) I Loomis Sayles Us Gh Eq H Sa Cap 199,922 26,891,508 5.76 Robeco Capital Growth QI Emerging Conservative Equities I Capitalisation EUR 46,483 8,491,514 1.82 Robeco Capital Growth US Premium Equities IH Capitalisation EUR 102,987 31,872,439 6.83
The accompanying notes form an integral part of these financial statements. *Please refer to note 2b) for more information on valuation of Investments.
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Classification as at 31 March 2021
Economical Classification of Schedule of Investments % of Net Assets Open-Ended Investment Funds 99.53 99.53
Geographical Classification of Schedule of Investments and Other Net Assets Market Value in Allocation Criteria: Geographical % of Net Assets Sub-Fund Currency France 3.03 14,147,812 Ireland 54.75 255,609,525 Luxembourg 40.27 188,021,074 United Kingdom 1.48 6,901,443 Others 0.47 2,192,730 100.00 466,872,584
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Schedule of Investments and Other Net Assets as at 31 March 2021 (in EUR)
Description Quantity/ Market % of Description Quantity/ Market % of Nominal Value* net Nominal Value* net Value assets Value assets
OPEN-ENDED INVESTMENT FUNDS EUR Open-Ended Investment Funds (continued) SPDR Russell 2000 US Small EUR Open-Ended Investment Funds Cap UCITS ETF AB Sicav I - Concentrated US Capitalisation EUR 3,213 166,690 0.08 Equity Portfolio S1 H Vanguard Eurozone Stock Capitalisation EUR 162,618 6,068,904 3.00 Index Fund Institutional Plus AB Sicav I American Growth EUR Acc 80,186 12,612,977 6.23 Portfolio S1 H Vanguard Japan Stock Index Capitalisation EUR 103,078 15,551,378 7.68 Fund Institutional Plus AXA IM Euro Liquidity EUR Acc 1,219 237,716 0.12 Capitalisation EUR 119 5,294,307 2.61 158,150,789 78.09 BlackRock Global Funds - Continental European Flexible USD Open-Ended Investment Funds Fund I2 EUR 613,696 17,250,996 8.52 BlackRock Global Funds - BlackRock Global Funds - Asian Growth Leaders Fund I2 703,775 12,206,168 6.03 Emerging Markets Fund I2 EUR Acc 651,426 11,269,670 5.56 Brown Advisory US Mid Cap Growth Fund Class B USD BNP Paribas Europe Small Cap Accumulated 760,797 10,496,436 5.18 I Capitalisation EUR 6,398 1,964,314 0.97 iShares Edge MSCI USA Value Comgest Growth Japan EUR I Factor UCITS ETF USD (Acc) 975,756 7,257,328 3.58 H Acc 242,933 3,937,944 1.94 iShares MSCI AC Far East ex- Comgest Growth PLC - Europe Japan UCITS ETF USD (Dist) 3,063 188,155 0.09 Opportunities EUR I Acc 258,309 14,005,514 6.92 iShares MSCI Emerging Eleva UCITS Fund - Fonds Markets Minimum Volatility Eleva European Selection I2 UCITS ETF 67,857 1,934,886 0.96 EUR Acc 10,894 16,900,189 8.34 Sands Capital Emerging iShares Edge MSCI Europe Markets Growth A USD Acc 617,321 11,248,902 5.55 Value Factor UCITS ETF EUR (Acc) 1,610,254 10,575,343 5.22 43,331,875 21.39 iShares Edge S&P 500 TOTAL OPEN-ENDED INVESTMENT FUNDS 201,482,664 99.48 Minimum Volatility UCITS ETF Capitalisation 29,693 1,778,351 0.88 Total Investment in Securities 201,482,664 99.48 iShares North America Index Fund (IE) Institutional Acc EUR 357,883 12,852,652 6.35 Cash and cash equivalent 1,827,435 0.90 iShares VI Public Limited Other Net Liabilities (774,696) (0.38) Company - Edge MSCI Europe Minimum Volatility UC 57,252 2,757,256 1.36 TOTAL NET ASSETS 202,535,403 100.00
Jupiter Japan Select Class D EUR Acc 251,303 3,998,231 1.97 Morgan Stanley Investment Funds - Global Brands Fund ZH (EUR) 83,399 8,113,055 4.01 Ossiam Shiller Barclays Cape US Sector Value TR 1C EUR Capitalisation 15,015 12,815,302 6.33
The accompanying notes form an integral part of these financial statements. *Please refer to note 2b) for more information on valuation of Investments.
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Classification as at 31 March 2021
Economical Classification of Schedule of Investments % of Net Assets Open-Ended Investment Funds 99.48 99.48
Geographical Classification of Schedule of Investments and Other Net Assets Market Value in Allocation Criteria: Geographical % of Net Assets Sub-Fund Currency France 2.61 5,294,307 Ireland 39.24 79,474,807 Luxembourg 52.40 106,138,207 United Kingdom 5.22 10,575,343 Others 0.52 1,052,739 100.00 202,535,403
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Schedule of Investments and Other Net Assets as at 31 March 2021 (in EUR)
Description Quantity/ Market % of Description Quantity/ Market % of Nominal Value* net Nominal Value* net Value assets Value assets
OPEN-ENDED INVESTMENT FUNDS EUR Open-Ended Investment Funds (continued) Schroder International EUR Open-Ended Investment Funds Selection Fund EURO Credit Allianz-Strategic Bond-W9 H2 122 14,930,472 4.92 Conviction C EUR 50,473 7,284,930 2.40 AXA IM Euro Liquidity Vanguard U.S. Government Capitalisation EUR 608 27,049,905 8.91 Bond Index Fund Institutional Plus EUR Hedged Acc 21,693 2,239,889 0.74 AXA World Funds - Euro Bonds I Capitalisation EUR 57,378 9,865,573 3.25 Xtrackers II Global Government Bond UCITS ETF 1C - EUR AXA World Funds - Euro Credit Hedged 4,366 1,034,655 0.34 Plus I Capitalisation EUR 53,848 10,070,138 3.32 303,924,112 100.16 AXA World Funds - Global Credit Bonds I Capitalisation TOTAL OPEN-ENDED INVESTMENT FUNDS 303,924,112 100.16 EUR Hedged 63,203 9,241,543 3.05
AXA World Funds - Global Total Investment in Securities 303,924,112 100.16 Inflation Bonds I Capitalisation EUR 18,991 3,195,616 1.05 Cash and cash equivalent 351,572 0.12 AXA World Funds - Global Other Net Liabilities (830,942) (0.28) Inflation Bonds Redex I Capitalisation EUR 31,842 3,152,049 1.04 TOTAL NET ASSETS 303,444,742 100.00
BlueBay Investment Grade Euro Agrgregate Bond Fund I Capitalisation EUR 228,880 43,761,855 14.42 L&G Euro High Alpha Corporate Bond Fund I EUR Acc 14,567,647 14,931,838 4.92 Pgim Fds Plc Global Total Return Bond I Eur Cap 395,228 45,096,699 14.87 PIMCO Funds - Global Investors Series plc Bond Fund Institutional Capitalisation EUR 1,345,211 35,674,996 11.76 PIMCO Funds - Global Investors Series plc Bond Fund Institutional Capitalisation EUR Hedged 1,209,660 35,152,720 11.58 Robeco Capital Growth Global Credits IH Capitalisation EUR 84,087 10,674,004 3.52 Robeco Financial Institutions Bonds IH 41,372 7,525,981 2.48 Robeco QI Global Dynamic Duration IH EUR Capitalisation 144,170 23,041,249 7.59
The accompanying notes form an integral part of these financial statements. *Please refer to note 2b) for more information on valuation of Investments.
22 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS - BONDS CORE
Classification as at 31 March 2021
Economical Classification of Schedule of Investments % of Net Assets Open-Ended Investment Funds 100.16 100.16
Geographical Classification of Schedule of Investments and Other Net Assets Market Value in Allocation Criteria: Geographical % of Net Assets Sub-Fund Currency France 8.91 27,049,905 Ireland 38.94 118,164,304 Luxembourg 52.30 158,709,903 Others (0.16) (479,370) 100.00 303,444,742
SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 23 AXA INVESTPLUS - BONDS SATELLITE
Schedule of Investments and Other Net Assets as at 31 March 2021 (in EUR)
Description Quantity/ Market % of Nominal Value* net Value assets
OPEN-ENDED INVESTMENT FUNDS
EUR Open-Ended Investment Funds AXA IM Euro Liquidity Capitalisation EUR 2 88,980 0.04 AXA World Funds - Framlington Global Convertibles I Capitalisation EUR PF 43,371 6,189,475 2.95 AXA World Funds - Global High Yield Bonds I Capitalisation EUR Hedged 129,176 27,967,896 13.33 Barings Emerging Markets Local Debt Fund B EUR Accumulating Shares 196,316 18,846,336 8.98 Barings Emerging Markets Sovereign Debt Fund Tranche B EUR Acc 235,539 24,354,733 11.61 Barings Global High Yield Bond Fund B EUR Accumulating Shares 240,176 32,226,816 15.35 Lazard Convertible Global IC Capitalisation EUR 11,755 26,204,011 12.49 Neuberger Berman Investment Funds plc - Emerging Market Debt Hard Currency Fund I3 Capitalisation EUR 2,208,874 24,452,235 11.65 NN (L) Global Convertible Opportunities I Capitalisation Hedged 82,479 12,555,778 5.98 SPDR Refinitiv Global Convertible Bond EUR Hedged UCITS ETF Acc 607,635 24,952,531 11.89 UBAM - Global High Yield Solution IHC Capitalisation EUR 62,037 10,526,438 5.02 208,365,229 99.29
USD Open-Ended Investment Funds iShares J.P. Morgan EM Local Govt Bond UCITS ETF USD (Dist) 40,610 1,883,764 0.90 1,883,764 0.90
TOTAL OPEN-ENDED INVESTMENT FUNDS 210,248,993 100.19
Total Investment in Securities 210,248,993 100.19
Cash and cash equivalent 240,694 0.11 Other Net Liabilities (646,182) (0.30)
TOTAL NET ASSETS 209,843,505 100.00
The accompanying notes form an integral part of these financial statements. *Please refer to note 2b) for more information on valuation of Investments.
24 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS - BONDS SATELLITE
Classification as at 31 March 2021
Economical Classification of Schedule of Investments % of Net Assets Open-Ended Investment Funds 100.19 100.19
Geographical Classification of Schedule of Investments and Other Net Assets Market Value in Allocation Criteria: Geographical % of Net Assets Sub-Fund Currency France 12.53 26,292,991 Ireland 60.39 126,716,415 Luxembourg 27.28 57,239,587 Others (0.19) (405,488) 100.00 209,843,505
SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 25 AXA INVESTPLUS - ALTERNATIVE DEFENSIVE
Schedule of Investments and Other Net Assets as at 31 March 2021 (in EUR)
Description Quantity/ Market % of Description Quantity/ Market % of Nominal Value* net Nominal Value* net Value assets Value assets
OPEN-ENDED INVESTMENT FUNDS EUR Open-Ended Investment Funds (continued) UBS (Lux) Bond SICAV - Global EUR Open-Ended Investment Funds Dynamic (USD) (EUR hedged) I- AXA IM Euro Liquidity A1 131,129 13,363,357 9.78 Capitalisation EUR 15 667,350 0.49 Vanguard Global Short-Term Baillie Gifford Worldwide Long Bond Index Fund Institutional Term Global Growth Fund Plus EUR Hedged Acc 122,716 12,854,870 9.41 Class B EUR Acc 261,802 8,975,541 6.57 Xtrackers MSCI World Eleva UCITS Fund Absolute Minimum Volatility UCITS ETF Return Europe I2 EUR 1C (EUR) 4,637 144,721 0.11 Capitalisation 6,577 7,538,820 5.52 123,518,983 90.38 First Sentier Global Listed Infrastructure Fund Class VI GBP Open-Ended Investment Funds Accumulation EUR P Hedged 727,775 8,477,778 6.20 Legal & General Global Greencoat Renewables Plc 3,774,079 4,472,284 3.27 Infrastructure Index Fund HSBC Global Investment Class I Accumulation 7,298,046 5,832,123 4.27 Funds - Multi-Asset Style 5,832,123 4.27 Factors XC 400,219 4,340,375 3.18 iShares EUR Government Bond USD Open-Ended Investment Funds 15-30 year UCITS ETF EUR (Dist) (GBP) 969 265,031 0.19 iShares Edge MSCI World Momentum Factor UCITS ETF Janus Henderson Horizon USD (Acc) 2,997 148,246 0.11 Global Property Equities Fund I2 EUR 246,241 6,493,375 4.75 iShares Edge MSCI World Quality Factor UCITS ETF USD JPMorgan Funds - US (Acc) 3,758 157,658 0.12 Opportunistic Long-Short Equity S2 Capitalisation EUR 60,170 6,512,199 4.77 Ishares Physical Metals Plc Certif Gold Perpetual 169,377 4,748,766 3.47 JPMorgan Investment Funds - Global Macro Opportunities 5,054,670 3.70 C EUR 36,838 6,928,491 5.07 TOTAL OPEN-ENDED INVESTMENT FUNDS 134,405,776 98.35 Kepler Liquid Strategies Icav Arete Macro Fd I Eur Cap 54,397 6,333,660 4.63 Legg Mason ClearBridge Total Investment in Securities 134,405,776 98.35 Infrastructure Value Fund Premier Class Euro Cash and cash equivalent 2,656,603 1.94 Accumulating 432,278 8,598,009 6.29 Other Net Liabilities (402,749) (0.29) PGIM Multi Asset Credit Fund I EUR Hedged Accumulation 156,897 16,522,667 12.08 TOTAL NET ASSETS 136,659,630 100.00
PIMCO GIS Commodity Real Return Fund Institutional EUR (Hedged) Accumulation 882,286 6,255,408 4.58 Princess Private Equity Holding Ltd 404,665 4,775,047 3.49
The accompanying notes form an integral part of these financial statements. *Please refer to note 2b) for more information on valuation of Investments.
26 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS - ALTERNATIVE DEFENSIVE
Classification as at 31 March 2021
Economical Classification of Schedule of Investments % of Net Assets Open-Ended Investment Funds 98.35 98.35
Geographical Classification of Schedule of Investments and Other Net Assets Market Value in Allocation Criteria: Geographical % of Net Assets Sub-Fund Currency France 0.49 667,350 Guernsey Island 3.49 4,775,047 Ireland 57.04 77,954,639 Luxembourg 33.06 45,176,617 United Kingdom 4.27 5,832,123 Others 1.65 2,253,854 100.00 136,659,630
SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 27 AXA INVESTPLUS
Notes to the Financial Statements as at 31 March 2021
Note 1: General
a) SICAV’s details
AXA INVESTPLUS (the “SICAV”) was incorporated in Luxembourg on 17 November 1987 as a "Société d'Investissement à Capital Variable". The SICAV is registered in the official list of undertakings for collective investment subject to part II of the amended law of 17 December 2010 on undertakings for collective investment (the “Law of 2010”) and is qualified as an externally managed alternative investment fund (“AIF”) in compliance with the amended Law of 12 July 2013 on alternative investment fund managers (“AIFMs”). The Articles of Association of AXA INVESTPLUS have been amended on 30 June 2017 and published on the “Recueil électronique des sociétés et associations” (hereafter "RESA") on 27 July 2017.
The Board of Directors of the SICAV has confirmed its adherence to the ALFI's Code of conduct and to the standards of corporate governance described in this code. The directors of the SICAV do not receive any remuneration for their mandates.
The AIFM (AXA Funds Management S.A.) was incorporated on 21 November 1989 for an undetermined period of time and is registered in the register of commerce and companies of Luxembourg under the number B - 32.223. Its Articles of Association were published in the “Mémorial C” of 26 January 1990. The VAT number is LU 197 76 305.
The CSSF has approved AXA Funds Management S.A. (i) as Management Company, under Article 101 of Chapter 15 of the Law of 17 December 2010 (as amended) relating to undertakings for collective investment, with effective date of 28 April 2006 and (ii) as Alternative Investment Fund Manager, under Article 5 of Chapter 2 of the amended law of 12 July 2013 relating to Alternative Investment Fund Managers, with effective date of 28 July 2014.
AXA Funds Management S.A. is a public limited company ("société anonyme") organised under the laws of Luxembourg. Its share capital amounts to EUR 925,345.84.
b) Sub-Funds List
As at 31 March 2021, the SICAV consists of 5 active Sub-Funds:
Sub-Fund Currency AXA INVESTPLUS - EQUITY CORE EUR AXA INVESTPLUS - EQUITY SATELLITE EUR AXA INVESTPLUS - BONDS CORE EUR AXA INVESTPLUS - BONDS SATELLITE EUR AXA INVESTPLUS - ALTERNATIVE DEFENSIVE EUR
28 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS
Notes to the Financial Statements as at 31 March 2021
Note 1: General (continued) c) Share Classes List
The shares of AXA INVESTPLUS may be either distribution shares or accumulation shares.
Distribution shares, called by the name of their sub-fund followed by the share class name and DISTRIBUTION, are remunerated by the dividends allocated by the specific general meetings of their respective shareholders.
Accumulation shares, called by the name of their sub-fund followed by the share class name and CAPITALISATION, are remunerated by reinvestment of income. AXA INVESTPLUS thus offers numerous investment options. Investors have the right to convert Distribution Shares into Accumulation Shares and vice versa. They also have the right to convert their investments in one sub-fund into investments in another sub- fund, provided that the shareholder satisfies the conditions for subscription and holding of the relevant class of shares.
The section “Statistics – Quantity of Shares and Net Asset Value per Share” indicates the available classes of shares for each Sub-Fund on the closing date.
Class A shares are available to all investors.
Class C shares are only available to insurance companies or to any other type of investor specifically approved by the Board of Directors.
Class E shares are only available to investors investing, in aggregate, at least 5 million euros in investment products managed and/or promoted by Architas S.A. and which are either i) financial intermediaries which, in accordance with regulatory requirements applicable to them (in the European Union, those prohibitions are at least applicable to discretionary portfolio management and/or the provision of independent advice under Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments), are not authorized to receive inducements from third parties, or ii) financial intermediaries which, in accordance with the fee arrangement they have with their clients, cannot benefit from any inducement. Class E shares may be available in other circumstances and jurisdictions at the discretion of the Board of Directors.
Note 2: Significant Accounting Policies a) Presentation of the Financial Statements
The financial statements of the SICAV have been prepared in accordance with generally accepted accounting principles in the Grand Duchy of Luxembourg, and with the legal and regulatory requirements relating to Undertakings for Collective Investment (“UCI”).
The financial statements have been prepared on the basis of the Net Asset Value on 31 March 2021 using the last available prices on 31 March 2021.
SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 29 AXA INVESTPLUS
Notes to the Financial Statements as at 31 March 2021
Note 2: Significant Accounting Policies (continued)
b) Valuation of Investments
The value of cash on hand or on deposit, and notes payable at sight, accounts receivable, prepaid expenses, and dividend and interest payments declared or due that remain outstanding is represented by the nominal value of those assets except, however, when collection of that amount appears unlikely. In the latter event, the value shall be determined by deducting a certain amount the AIFM deems appropriate to reflect the true value of those assets.
The value of all transferable securities that are traded or listed on a stock exchange is determined on the basis of the last known prices at close of business on the day before the valuation day. If the securities are listed on several stock exchanges, the price on the stock exchange which represents the main market for that investment shall apply. If securities held in the portfolio on the valuation day are not traded or listed on a stock exchange or a regulated market on the day before the valuation day or if, in the case of securities that are listed or traded over-the-counter on a stock exchange or other market, the price determined according to the above is not representative of the true value of these securities; they shall be valued on the basis of their realisable value, which shall be estimated prudently and in good faith by the AIFM.
The value of shares in Undertakings for Collective Investment is determined on the basis of the last Net Asset Value available for those shares or on the basis of the last estimate of the Net Asset Value if the latter is more recent than the official Net Asset Value, less any fees applicable.
c) Acquisition Cost of Investments
The acquisition cost of investments expressed in currencies other than the reference currency of the Sub-Fund is translated into the reference currency of the Sub-Fund on the basis of the exchange rates prevailing on the purchase date.
d) Net Realised Gain/(Loss) on Sales of Investments
Realised gains/(losses) on sales of investments are determined on the basis of the average cost of the securities sold and are recorded net.
e) Investment income
Dividends are recorded on the ex-dividend date (“ex-date”), net of any withholding tax.
Interest income accrued and outstanding is recorded net of any withholding tax.
f) Foreign Currency Translation
Transactions in currencies other than that in which the Sub-Fund is denominated are translated into the respective currency of the Sub-Fund based on the exchange rate in effect at the date of the transaction. Assets and liabilities as well as the market value of investments in the portfolio denominated in other currencies are translated into the respective currency of the Sub-Fund at the last available rate of exchange at each reporting date.
30 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS
Notes to the Financial Statements as at 31 March 2021
Note 2: Significant Accounting Policies (continued) f) Foreign Currency Translation (continued)
For all Sub-Funds, the exchange rates applied as at 31 March 2021 for the Net Asset Value calculation are as follows:
As at 31 March 2021 1 EUR = 0.85530 GBP 1 EUR = 1.17275 USD
g) Combined figures
The combined Statement of Net Assets and the combined Statement of Operations and Changes in Net Assets are expressed in EUR, the functional currency of the SICAV, and correspond to the sum of items in the financial statements of each Sub-Fund converted (if necessary) at the exchange rate prevailing at closing rate.
Note 3: Share issue and redemption fees
The subscription price includes the net value of the share increased by a placement fee amounting to a maximum of 3% payable to the distributors.
The SICAV's Articles of Association authorise it to deduct a redemption fee. No redemption fee is currently charged. Fee rates are shown in the appendices per Sub-Fund at the end of the prospectus.
Note 4: Management fees
According to the terms of the Delegation Agreement, AXA Funds Management S.A. remunerates the portfolio manager, ARCHITAS S.A., out of the management fee, at the maximum annual rate of the average net assets of the Sub-Fund, payable quarterly whose annual rates are currently as follows:
Sub-Fund's name Class Class Class A C E
AXA INVESTPLUS - EQUITY CORE Actual 1.75% 1.10% 1.30% Maximum 3.00% 1.10% 1.30% AXA INVESTPLUS - EQUITY SATELLITE Actual 1.75% 1.10% 1.30% Maximum 3.00% 1.10% 1.30% AXA INVESTPLUS - BONDS CORE Actual 1.25% 0.60% 0.80% Maximum 3.00% 0.60% 0.80% AXA INVESTPLUS - BONDS SATELLITE Actual 1.25% 0.60% 0.80% Maximum 3.00% 0.60% 0.80%
SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 31 AXA INVESTPLUS
Notes to the Financial Statements as at 31 March 2021
Note 4: Management fees (continued)
Sub-Fund's name Class Class Class A C E
AXA INVESTPLUS - ALTERNATIVE DEFENSIVE Actual 1.25% 0.60% 0.80% Maximum 3.00% 0.60% 0.80%
As at 31 March 2021, maximum management fees rates, as charged, at related parties target fund level, are the following: Annual Management Fee AXA INVESTPLUS - EQUITY CORE AB Sicav I American Growth Portfolio S1 H Capitalisation EUR 0.65% AXA IM Euro Liquidity Capitalisation EUR 0.20% Architas Multi-Manager Global Funds Unit Trust Selection European Equity Z Capitalisation EUR 2.00%* Architas Multi-Manager Global Funds Unit Trust Selection US Equity Z EUR 2.00%* AXA Rosenberg Equity Alpha Trust - US Enhanced Index Equity Alpha Fund A EUR 0.35%
AXA INVESTPLUS - EQUITY SATELLITE AB Sicav I - Concentrated US Equity Portfolio S1 H Capitalisation EUR 0.75% AXA IM Euro Liquidity Capitalisation EUR 0.20%
AXA INVESTPLUS - BONDS CORE AXA IM Euro Liquidity Capitalisation EUR 0.20% AXA World Funds - Euro Credit Plus I Capitalisation EUR 0.35% AXA World Funds - Global Credit Bonds I Capitalisation EUR Hedged 0.45% AXA World Funds - Global Inflation Bonds I Capitalisation EUR 0.30% AXA World Funds - Global Inflation Bonds Redex I Capitalisation EUR 0.35%
AXA INVESTPLUS - BONDS SATELLITE AXA World Funds - Framlington Global Convertibles I Capitalisation EUR PF 0.50% AXA World Funds - Global High Yield Bonds I Capitalisation EUR Hedged 0.55%
AXA INVESTPLUS - ALTERNATIVE DEFENSIVE AB Sicav I Select Absolute Alpha Portfolio S1 H Capitalisation EUR 1.00% AXA IM Euro Liquidity Capitalisation EUR 0.20%
*This rate represents a maximum fee, including investment management fees amongst others.
Note 5: Taxation
The SICAV is governed by Luxembourg law.
Under the legislation and regulations currently in force, all the Sub-Funds are subject to a subscription tax ( taxe d’abonnement ) at an annual rate of 0.05% of net assets calculated and payable per quarter on the basis of the net assets at the end of each quarter.
32 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS
Notes to the Financial Statements as at 31 March 2021
Note 5: Taxation (continued)
According to article 175 a) of the law of 17 December 2010, as amended, the portion of net assets invested in Undertakings for Collective Investment (“UCI”) already subject to the subscription tax is exempted from this tax.
A reduced subscription tax rate of 0.01% per annum applies to any share classes of the SICAV whose exclusive object is collective investment in money market instruments or investment in deposits with credit institutions or both.
A reduced subscription tax rate of 0.01% per annum applies to individual share classes of a UCI with multiple sub-funds and to the individual classes of shares issued by a UCI or a sub-fund of a UCI with multiple sub- funds, providing the shares of these sub-funds or classes are reserved to one or more institutional investors.
Note 6: Other income
As at 31 March 2021, the Other income in the Statement of Operations and Changes in Net Assets refers to retrocession of Trailer fees.
In consideration of the services provided by AXA INVESTPLUS under the subscription agreement signed with Fund Channel, Fund Channel will pay to AXA INVESTPLUS a Commission amounting to ninety percent (90%) of the trailer fees received by fund channel from the Promoters for the investments of AXA INVESTPLUS.
Note 7: Changes in the Schedule of Investments
Changes in the Schedule of Investments during the financial period are available to the shareholders at the registered office of the SICAV.
Note 8: Net realised gain/loss on sales of investments
In EUR Realised gain Realised loss Net realised gain/loss AXA INVESTPLUS – EQUITY CORE -on sale of investments 9,690,781 (989,070) 8,701,711
AXA INVESTPLUS – EQUITY SATELLITE -on sale of investments 7,747,793 (46,366) 7,701,427
AXA INVESTPLUS – BONDS CORE -on sale of investments 6,734,885 (432,631) 6,302,254
AXA INVESTPLUS – BONDS SATELLITE -on sale of investments 1,810,686 (1,552) 1,809,134
AXA INVESTPLUS – ALTERNATIVE DEFENSIVE -on sale of investments 4,350,087 (251,267) 4,098,820
SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 33 AXA INVESTPLUS
Notes to the Financial Statements as at 31 March 2021
Note 9: Net change in unrealised appreciation/depreciation on investments
Net change in Change in Change in In EUR unrealised unrealised appreciation unrealised depreciation appreciation/depreciation AXA INVESTPLUS – EQUITY CORE -on investments 72,269,175 (6,078,206) 66,190,969 AXA INVESTPLUS – EQUITY SATELLITE -on investments 30,183,493 (6,095,583) 24,087,910 AXA INVESTPLUS – BONDS CORE -on investments - (7,315,801) (7,315,801) AXA INVESTPLUS – BONDS SATELLITE -on investments 16,978,548 (5,388,484) 11,590,064 AXA INVESTPLUS – ALTERNATIVE DEFENSIVE -on investments 6,684,731 (3,238,958) 3,445,773
Note 10: Remuneration of the Alternative Investment Fund Manager
In remuneration for its services, the AIFM receives a management fee, payable quarterly by each of the Sub- Funds concerned as mentioned in the Appendices of the Prospectus, as well as a flat fee which shall not exceed EUR 250,000 a year in total for the SICAV for as long as the number of active sub-funds does not exceed 20, Luxembourg regulations do not impose new tasks on the AIFM and the SICAV ꞌs organisation and service providers remain unchanged. This flat fee shall be paid by each Sub-Fund in proportion to its net assets.
As at 31 March 2021, this fee amounts to EUR 89,669.81 for the SICAV. This amount has been allocated to the Sub-Funds proportionally to their net assets of each sub-fund.
34 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS
Additional Appendix
Remuneration policy According to regulatory requirements on remuneration disclosure applicable to asset management companies, this disclosure provides an overview of the approach on remuneration taken by AXA Funds Management S.A., which has adopted the group policy of AXA Investment Managers (hereafter “AXA IM”). Further information on the composition of the Remuneration Committee and driving principles of the Remuneration Policy is available on AXA IM website: www.axa-im.com/en/remuneration. A copy of this information is available upon request free of charge.
Governance - AXA IM’s Remuneration Policy, which is reviewed and approved by the AXA IM Remuneration Committee every year, sets out the principles relating to remuneration within all entities of AXA IM and takes into account AXA IM’s business strategy, objectives, and risk tolerance, as well as the long-term interests of AXA IM’s shareholders, clients and employees. The AXA IM Remuneration Committee, in line with the remuneration policies and procedures set and validated at AXA Group level, ensures consistency and fair application of the Remuneration Policy within AXA IM, as well as compliance with applicable regulations.
The central and independent review that the effective implementation of the AXA IM’s Remuneration Policy complies with the procedures and policies adopted by AXA IM Group level, is performed by the AXA IM Internal Audit Department, who presents each year its conclusions to the AXA IM Remuneration Committee to enable it to perform its diligences.
These conclusions did not mention any particular comments regarding the compliance of the effective implementation of the AXA IM’s Remuneration Policy.
The result of the annual exam by the AXA IM Remuneration Committee is presented to the Board of Directors of AXA Funds Management S.A. along with the amendments implemented into the AXA IM’s Remuneration Policy.
The Global Remuneration Policy has been reviewed to factor the proposed deferral structure in and ensure compliance with all governing regulations and alignment with the AXA IM business and Human Resource strategies.
Total amount of remuneration paid and/or awarded to AXA Funds Management staff, and identified persons at Architas S.A., acting as delegated portfolio manager, whose activities have a significant impact on the risk profile of portfolios, prorated to the SICAV’s assets 1 Fixed Pay 2 ('000 EUR) 1,350 Variable Pay 3 ('000 EUR) 291 Number of AFM employees 4 and identified persons at Architas S.A. 18
1 Excluding social charges. 2 Fixed Pay amount is based on Fixed Pay effective for all staff at AXA Funds Management S.A. and Architas S.A. during the financial year under review. 3 Variable Pay, composed of discretionary, upfront and deferred items, includes : - Amounts awarded for the performance of the previous year and fully paid over the financial year under review (non-deferred variable pay); - Amounts awarded for the performance of previous years and the performance of the year under review (deferred variable pay); - Long-Term Incentives awarded by the AXA Group. 4 Number of employees includes Permanent and Temporary contracts excluding internship as at 31 December 2020.
Additional Appendix SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 35 AXA INVESTPLUS
Additional Appendix
Remuneration policy (continued)
Aggregate amount of remuneration paid and / or awarded to all identified persons within AXA Funds Management S.A. and Architas S.A., as delegated portfolio manager, whose activities have a significant impact on the risk profile of portfolios, prorated to the SICAV’s assets 1
Identified Persons
Fixed Pay ('000 EUR) 2 780 Variable Pay ('000 EUR) 3 233 Number of Identified Persons 4 9
1 Excluding social charges. 2 Fixed Pay amount is based on Fixed Pay effective for all identified persons within AXA Funds Management S.A. and Architas S.A. during the financial year under review. 3 Variable Pay, ,composed of discretionary, upfront and deferred items, includes : - Amounts awarded for the performance of the previous year and fully paid over the financial year under review (non-deferred variable pay); - Amounts awarded for the performance of previous years and the performance of the year under review (deferred variable pay); - Long-Term Incentives awarded by the AXA Group. 4 Number of Identified Persons includes Permanent and Temporary contracts excluding internship as at 31 December 2020.
Information relative to the risk management of the SICAV
a) Risk Profile
In line with the AIFM directive, the AIFM has put in place measures allowing to assess the sensitivity of the portfolio to the most relevant risks to which the SICAV is or could be exposed to.
The SICAV is under the AIFMD law of 2013 Level 2 Regulation and any further delegated regulations issued by the European Commission in connection with the AIFMD and any further Luxembourg transposing legislation in connection with the AIFMD and related delegated acts, as well as any applicable direction, policy, circular, guideline, rule or order (whether formal or informal) that is made or given by the CSSF or ESMA in connection herewith, as may be amended from time to time.
The Directive 2011/The AIFMD Directive is the directive of the European Parliament and the Council of 8 June 2011 on alternative investment fund managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) n° 1060/2009 and (EU) n°1095/2010, as may be amended or supplemented from time to time.
The AIFMD Level 2 Regulation is the commission delegated regulation(EU) No 231/2013 of 19 December 2012 supplementing Directive of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision, as may be amended from time to time.
36 ▪ Additional Appendix SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS
Additional Appendix
Information relative to the risk management of the SICAV (continued) a) Risk Profile (continued)
The below matrix indicates the main identified risks of the portfolio as well as the associated level of risk*:
Sub-Fund Name Main Investment Strategy Market Risk Credit Risk Counterparty Liquidity Operational Valuation Risk Risk Risk Risk
Equity Core Fund of Funds - Equities Medium Low Low Low Low Medium
Equity Satellite Fund of Funds - Equities High Low Low Low Low Medium
Bonds Core Fund of Funds - Bonds Medium Low Low Low Low Medium
Bonds Satellite Fund of Funds - Bonds Medium Medium Low Low Low Medium
Alternative Defensive Fund of Funds - Alternative Asset Classes Medium Low Low Low Low Medium
*This list does not aim at being fully exhaustive but rather reflects the most representative categories of risks for the AIF. b) Risk management systems
An appropriate risk management system is in place for the SICAV, allowing the AIFM to detect, measure, manage and follow permanently the risk to which the SICAV is or can be exposed.
The resources in place including the tools, procedures, techniques to measures the risks and the respect of the limits defined, are proportionate to the nature, the size and the complexity of each of the sub-funds managed and are compatible with the risk profile.
Stress test and crisis simulations are performed, so as to assess the risks arising from variations that could have negative impacts on the SICAV.
In case of breaches of the risk limits defined for the SICAV, corrective measures are undertaken in line with the standards of the AIFM, so as to serve the interests of shareholders.
This risk management system allow the identification, the analysis and where relevant the escalation of risks considered as material to the control committees, the management of the SICAV and of the AIFM. In addition, regular updates are provided to the same bodies with regards to the appropriate application of the risk management framework described here above. c) Information relative to liquidity management and special arrangements as defined by the AIFM directive
The notion of «special arrangements» refers to arrangements directly linked to the illiquid nature of the assets of a fund, which has incidence on the specific reimbursement right of shareholders who have acquired a type of shares of the SICAV and which corresponds to a particular treatment or to a distinct treatment of the general reimbursement rights of the investors.
The SICAV did not put in place such arrangements as of 31 March 2021.
The AIFM has put in place a framework to monitor the liquidity of each AIF. No changes on the liquidity arrangements have occurred.
Additional Appendix SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 37 AXA INVESTPLUS
Additional Appendix
Information relative to the risk management of the SICAV (continued)
d) Leverage and use of collateral
Sub Fund concerned Method applied Maximum level of Real level of leverage* leverage Gross method 125% 99.12% AXA INVESTPLUS - EQUITY CORE Commitment method 125% 99.11% Gross method 125% 99.07% AXA INVESTPLUS - EQUITY SATELLITE Commitment method 125% 99.06 % Gross method 125% 99.77% AXA INVESTPLUS - BONDS CORE Commitment method 125% 99.76% Gross method 125% 99.38% AXA INVESTPLUS - BONDS SATELLITE Commitment method 125% 99.37% Gross method 125% 98.57% AXA INVESTPLUS - ALTERNATIVE DEFENSIVE Commitment method 125% 98.56%
* Information on the leverage is provided in the last prospectus dated 10 July 2020. Information concerning the reuse of collateral and or any guarantee received under the leveraging agreements and the leverage of the SICAV are provided in the last version of the prospectus dated 10 July 2020 and have not been subject to changes.
Securities Financing Transactions Regulation There were neither transactions during the period, nor positions opened at year-end that are in the scope of the EU Directive 2015/2365 published on 25 November 2015 on transparency of securities financing transactions and of reuse.
38 ▪ Additional Appendix SEMI-ANNUAL REPORT AXA INVESTPLUS 60, avenueJ.F.Kennedy , L- Société d’Investissement àCapitalVariable
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